{"id":182667,"date":"2023-10-18T13:39:13","date_gmt":"2023-10-18T13:39:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=182667"},"modified":"2023-10-18T13:39:13","modified_gmt":"2023-10-18T13:39:13","slug":"middle-east-regulatory-clarity-drives-crypto-industry-growth-binance-fze-head","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/middle-east-regulatory-clarity-drives-crypto-industry-growth-binance-fze-head\/","title":{"rendered":"Middle East regulatory clarity drives crypto industry growth \u2014 Binance FZE head"},"content":{"rendered":"

Major cryptocurrency exchanges and businesses are being lured to a proverbial crypto oasis around the Persian Gulf, according to Binance FZE\u2019s general manager.<\/p>\n

Alex Chehade, who heads Binance\u2019s local operation in Dubai, tells Cointelegraph reporter Ezra Reguerra that progressive regulatory frameworks in the region are a major drawcard for startups and established industry players:<\/p>\n

\u201cWhat stands out in the Middle East is regulatory certainty and clarity. We have a virtual-asset-specific regulator here in Dubai: VARA [Virtual Assets Regulatory Authority]. We have ADGM [Abu Dhabi Global Market]\u00a0with its virtual asset framework, [and] we have Bahrain\u2019s central bank being accepting of cryptocurrencies.\u201d<\/p><\/blockquote>\n

Chehade believes that regulators in other jurisdictions have not quite figured out or taken the time to learn the ins and outs of the cryptocurrency landscape or simply lack the \u201cbandwidth\u201d to begin regulating the sector:<\/p>\n

\u201cSo you\u2019re seeing events like GITEX and Future Blockchain Summit, as well as global companies coming here because it\u2019s easy to do business.\u201d<\/p><\/blockquote>\n

The Binance FZE general manager adds that businesses need certainty in order to create long-term plans, and the regulatory parameters that exist in these specific jurisdictions facilitate that process.\u00a0<\/p>\n

<\/p>\n

Chehade also highlighted Binance\u2019s role as a catalyst for Web3 companies and startups to establish in the region.<\/p>\n

\u201cWe\u2019re an ecosystem enabler, we\u2019re the biggest Web3 company in the world. You often see network effects with size, and we\u2019re seeing a healthy environment with big and small players.\u201d<\/p><\/blockquote>\n

Chehade stated that Binance now employs around 600 people in its Dubai-based operation and will continue to play its part in fostering the industry. He adds that Binance FZE has been operating as a regulated exchange in Dubai for a year and a half and is segregated from the rest of its global operations with ring-fenced custody and operations.<\/p>\n

Related: Dubai lures AI, Web3 enterprises with 90% subsidized commercial licenses<\/em><\/strong><\/p>\n

In a prior interview with Cointelegraph at the Blockchain Economy Dubai Summit, Akshay Chopra, Visa\u2019s vice president and head of innovation and design, echoed Chehade\u2019s sentiments regarding the region\u2019s progressive regulatory outlook.<\/p>\n

As a board member of the MENA Fintech Association, Chopra highlighted the \u201cforward-looking and inclusive view of blockchain and crypto solutions\u201d as a key driver of growth for the sector in the region:<\/p>\n

\u201cRegulators are actually looking forward and working with the local blockchain community, institutions, startups, entrepreneurs to come up with a very inclusive perspective on what is the future and how can we be best positioned both as a market and as a regulator.\u201d<\/p><\/blockquote>\n

Research from blockchain analysis firm Chainalysis indicates\u00a0that the Middle East and North Africa (MENA) region is the fastest-growing cryptocurrency market in the world. Transaction volume in the region reveals users received $566 billion in crypto between July 2021 and June 2022.\u00a0<\/p>\n

Additional reporting by Ezra Reguerra.<\/em><\/p>\n

Collect this article as an NFT<\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n

Magazine:\u00a0Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Major cryptocurrency exchanges and businesses are being<\/p>\n","protected":false},"author":3,"featured_media":182666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nMiddle East regulatory clarity drives crypto industry growth \u2014 Binance FZE head - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/middle-east-regulatory-clarity-drives-crypto-industry-growth-binance-fze-head\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Middle East regulatory clarity drives crypto industry growth \u2014 Binance FZE head - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Major cryptocurrency exchanges and businesses are being\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/middle-east-regulatory-clarity-drives-crypto-industry-growth-binance-fze-head\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-18T13:39:13+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/10\/Middle-East-regulatory-clarity-drives-crypto-industry-growth-\u2014-Binance-FZE-head.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/middle-east-regulatory-clarity-drives-crypto-industry-growth-binance-fze-head\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/middle-east-regulatory-clarity-drives-crypto-industry-growth-binance-fze-head\/\",\"name\":\"Middle East regulatory clarity drives crypto industry growth \u2014 Binance FZE head - 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